Macquarie Profit Falls 39% on Fewer Asset Sales and Weak Units, Announces $2B Buyback
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Macquarie Group's profit fell 39% to A$1.42 billion, missing estimates due to fewer asset sales and weakness in commodities and markets units.
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Macquarie announced a surprise A$2 billion share buyback, providing some relief to investors.
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Profit from Macquarie's asset management unit fell 71% due to timing of green energy asset sales.
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Commodities and global markets profit down 31% as volatility declined.
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CEO says green energy realizations expected predominantly in second half.